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Financial Reporting Insights - May 2016

Published on: May 27, 2016

Since fall 2015, the IASB has issued two significant amendments to IFRS 15. The first, which relates to the one-year deferral of IFRS 15’s mandatory effective date, was issued in September 2015, and the second amendment, Clarifications to IFRS 15, Revenue from Contracts with Customers (Clarifications), was released in April 2016. In our CFO’s corner series, Maryse Vendette and Alexia Donoghue, from our National Accounting Services group, explore the key points of the Clarifications, the expectation of future amendments and consideration points related to implementing the new revenue standard. The Clarifications are not meant to change the underlying principles of IFRS 15, but rather clarify how the principles should be applied.

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